(Image source: Tomorrow homepage.)
Tomorrow, a Seattle based startup has announced that Caribou Honig has joined its board as an independent director. The news follows a recently announcement of $4.2 million in funding for the company led by Sinai Ventures, joining investors Aflac (Atlanta) and Allianz (Munich). The appointment increases Honig’s support and engagement with Tomorrow’s mobile platform for combining legal, financial and insurance tasks in an easy-to-use app interface. Tomorrow provides a will and trust for free, and allows a user to apply for insurance in three minutes from within the app.
Honig is known in the insurance technology world for cofounding and keynoting the InsureTech Connect conference, authoring numerous thought leadership articles, and advising startups and incumbents alike. During his tenure as cofounder of QED Investors, Honig aided the growth of several portfolio companies including MediaMath, Valen Analytics (now part of Hartford-based insurance systems vendor Insurity), Remitly, and Credit Karma.
“On the surface, the team at Tomorrow have built an app enabling people to create a will or trust, easily and for free,” comments Honig. “Under the surface, the company is really delivering peace of mind,” said Honig. “They are taking advantage of the increased usage and capabilities of smartphone to help people connect in a new way and execute goals as a family network.”
‘Godfather’ of InsurTech
Tomorrow seeks to address the lack of provision for survivors of a parent’s death caused by the lack of a will or a life insurance policy. A company statement, 80 percent of families with minor children do not have the life insurance that will enable their financial security, should something happen to a breadwinner. Roughly the same number lack a legal will, which lays out a plan for caring for children and distributing assets. Tomorrow pitches its products as allowing friends and family to make important decisions about their financial well-being. Through in-app education, members learn the role of guardians, executors and trustees, and choose their designated person from among the contacts on their phone, the vendor says. Decisions culminate in a legal document that can be printed and signed.
“With his experience on both sides of the table, as both an operator and an investor in data-driven businesses, Caribou is well equipped to guide and accelerate achieving our goals,” comments Dave Hanley, CEO and Founder, Tomorrow. “Many entrepreneurs consider him ‘the Godfather of InsurTech’ and his joining our board is a great endorsement of Tomorrow’s vision.”